EcoCeres targets Hong Kong IPO as Bain Capital to sell part of its stake

Type: Financing · Technology: Biomass · Country: Hong Kong, China, Malaysia, Singapore, Japan · Value: $1B · Announced: 2026-09-25

EcoCeres announced plans for a Hong Kong initial public offering that could raise around $1bn, with private equity firm Bain Capital expected to sell part of its stake as part of the proposed flotation. The company produces sustainable aviation fuel (SAF) using waste-based feedstocks including used cooking oil and operates production facilities in Zhangjiagang, eastern China, and Johor, Malaysia, with combined renewable fuels capacity of approximately 770,000 metric tonnes a year. Bain Capital, which invested more than $700m in EcoCeres in 2022, would partially monetise its investment through the IPO targeted to complete by the end of 2026, subject to market conditions and regulatory approvals. Deutsche Bank, HSBC, Morgan Stanley and UBS are working on the potential transaction as banks on the deal, and investors Kerogen Capital and parent Towngas remain stakeholders. The IPO is framed against accelerating demand for SAF amid SAF blending rules in Singapore, Japan and the European Union, and the final offering structure, valuation, Bain’s stake sale size and timetable remain to be determined.

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